“September was a tough month with the natural disasters that we went through,” Sorenson said at Yahoo Finance’s All Markets Summit on Wednesday. “Starting in Houston but then in the Virgin Islands, Florida and then of course in Puerto Rico.”

Sorenson said some of his hotels could be closed for up to two years. “The story in the Virgin Islands and Puerto Rico is a tough one,” he said. “We’ve got hotels that are not just still closed but could be closed for a year or two, and obviously that has an impact on our people there, which is very tough and you sort of try to navigate through that and figure out how to help them. That’s obviously not fundamentally about demand and supply, but very much about the human factor which is important to us.”